Markets
markets
Luke Kawa
4/7/25

Wedbush slashes Apple price target, says “tariff economic Armageddon” hurts it more than any tech company

Wedbush analyst Dan Ives cut his price target on Apple by 23%, saying that no US tech company is going to be hit as hard as the iPhone giant by reciprocal tariffs slated to go into effect on Wednesday.

From a note to clients on Sunday:

“The tariff economic Armageddon unleashed by Trump is a complete disaster for Apple given its massive China production exposure. In our view, no US tech company is more negatively impacted by these tariffs than Apple with 90% of iPhones produced and assembled in China. We have seen Apple navigate very uncertain times in the supply chain during Covid... but for the stock it was feasible for investors (and us) at the time to look past March or June 2020 quarters and understand and value what normalized 2021 earnings could look like as normalization would happen. This tariff situation is dramatically different and a very scary prospect as the current tariff slate with China at 54% and Taiwan at 32% would be devastating to Apple, its cost structure, and ultimately consumer demand... it’s not a debate in our view.”

Apple has tumbled nearly 16% from President Trump’s Rose Garden announcement to Friday’s close and nearly 4% premarket, as it has massive operations in Southeast Asia, where reciprocal tariff rates are ultrahigh. Analysts at Morgan Stanley see just a 20% chance that Apple receives an exemption from these levies.

Ives also lowered his earnings and revenue forecasts on Apple for this calendar year as well as 2026.

However, even after that price target cut — and the alarm bells clearly blaring, in Ives’ eyes — the analyst still has an “outperform” rating on the stock, and sees it rallying 32% from Friday’s close.

“We stay bullish for the long-term view on Apple as the Services business and strong FCF support a base case valuation of $250... Our bear case is $160 and bull case (tariffs removed or exempt) is back to $325,” he wrote.

More Markets

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Nia Warfield, Luke Kawa
9/12/25
S&P 500 goes nowhere, Nasdaq 100 hits another record, small-caps tumble

Warner Bros. Discovery led gains for the second day in a row, and only three S&P 500 sector ETFs finished in the green.

Horse Ranch In Zhangye
markets
Matt Phillips
9/12/25

Rocket lab soars to new record close amid rally for retail faves

Rocket Lab ripped by roughly 10% Friday to close at a new all-time high, riding an upturn of retail enthusiasm for a coterie of tech-themed favorites, even as the broader market was more or less flat on the day.

Goldman Sachs’ basket of “retail favorites” — its heaviest weights are Reddit, AppLovin, and Tempus AI — was the second-biggest gainer among the company’s flagship US equity baskets on Friday, rising about 1.6%. The S&P was almost dead flat.

It’s not Rocket Lab’s first retail rodeo, as the money-losing company has more than doubled this year and is up nearly 700% over the last 12 months.

Oracle Wall Street Revisions

Analysts revise up anything and everything they thought about Oracle

After the company’s bombshell earnings this week, Wall Street thinks Oracle’s trajectory has changed.

Matt Phillips9/12/25
markets
Nia Warfield
9/12/25

Six Flags pops after reiterating its guidance as theme park attendance rebounds

Six Flags shares rose more than 7% today after the company reported a rebound in attendance and early season pass sales heading into the fall. The nine-week period ended August 31 saw 17.8 million guests, up about 2% from the same stretch last year, with stronger momentum in the final four weeks. 

More importantly, Six Flags reaffirmed its full-year adjusted EBITDA guidance of $860 million to $910 million, showing confidence that its cost and operations strategy can stay strong for the duration of the year. Riding that wave, Six Flags also said early 2026 season pass unit sales are pacing ahead of last year, and average season pass prices are up about 3%.

The good vibes come despite a drop in in-park per-capita spending, especially from admissions, where promotions and changes to attendance mix (which parks or days guests visit) have weighed. Earlier this week, the amusement giant signed a new agreement that extended its position as the exclusive amusement park partner for Peanuts™ in North America through 2030.

Despite the rally, Six Flags shares are down about 52% year to date.

markets
Max Knoblauch
9/12/25

Rivian turns red on the year, squeezed by a recall and the looming end of the EV tax credit

Shares of EV maker Rivian are down more than 5% on Friday following the company’s recall of 24,214 vehicles due to a software issue. The stock move erases Rivian’s year-to-date gain and turns the company negative on the year.

Rivian’s 2025 model year R1S and R1T are affected by the defect, which was identified after a vehicle’s hands-free highway assist software failed to identify another vehicle on the road, causing a low-speed collision. Rivian said it’s released an over-the-air update to fix the issue.

The recall marks Rivian’s fifth this year, affecting nearly 70,000 of its vehicles.

Rivian’s shares are down more than 20% from their 2025 high, which came prior to the passage of President Trump’s “big, beautiful bill.” Through the legislation, the $7,500 EV tax credit is set to expire at the end of the month.

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